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2 <br />FIGURES I MINNEAPOLIS OFFICE I Q3 2021 <br />Market Overview <br />Q3 absorption was 107,177 sq. ft., making for the market's first quarter of positive net absorption <br />since Q1 2020. <br />Class A office continues to outperform the overall market by a relatively wide margin. Class A <br />vacancy is 18.3%, 290 basis points lower than the overall vacancy rate. Class A absorption is <br />outpacing overall absorption for the third year in a row, and new Class A buildings such as RBC <br />Gateway and 10 West End continue to attract new tenants, with recent signings by Castlelake <br />and the Radisson Hotel Group, respectively. <br />FIGURE 2: Historical Total Absorption vs. Class A Absorption <br />Sq. Ft. - 000s <br />1,200 <br />1,000 <br />800 <br />600 — <br />400 — <br />200 — <br />0 <br />(200) <br />(400) <br />• <br />f <br />2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD <br />• Overall Absorption <br />Source: CBRE Research, 03 2021. <br />CBRE RESEARCH <br />■ Class A Absorption <br />FIGURE 3: Historical Vacancy and Vacancy by Class <br />Vacancy Rate (%) <br />30 <br />2011 2012 2013 2014 2015 2016 2017 <br />Class A Vacancy Rate Class B Vacancy Rate <br />Overall Vacancy Rate 10-Year Average <br />Source: CBRE Research, 03 2021. <br />2018 2019 2020 2021 YTD <br />Class C Vacancy Rate <br />© 2021 CBRE, INC. <br />